URGENT Update regarding PPP Loans: “Safe Harbor” expires May 14, 2020
By ADVOS Legal – a 2019 GrowFL Florida Companies to Watch Honoree
Although the initial legislation regarding PPP Loans indicated that all businesses were presumed to be adversely impacted by COVID-19 and therefore eligible for the funds, the SBA has now indicated that more stringent criteria will apply for all borrowers, and that it will review all loans of $2m or more (and others as appropriate).
SAFE HARBOR ENDS MAY 14: Borrowers that determine they do not meet the more stringent criteria and return PPP Loan funds by May 14, 2020 will be considered to have applied in good faith, and covered by a “safe harbor”
This loan is DIFFERENT from the SBA Disaster Loan available directly through the SBA. You are NOT eligible for BOTH loans, but may take whichever loan gets approved first. At this point, it is still hard to determine which loan will be approved first, however, at this time it makes sense to apply for both to ensure the viability of your business.
WEBINARS ON DEMAND
NEW! Organizational Management in Times of Uncertainty – CLA Livestream Series
RESOURCE MATERIALS
What option is best for you? Comparison of EIDL and PPP Program
Decision Tree: Navigate COVID-19 Loan and Grant Options With Ease
PPP Loan Forgiveness & Hazard Pay – Newland Associates
Download resources
Borrower Paycheck Protection Program Example Application(REV 4-20)
PPP Borrower Information Fact Sheet
Apply for the Paycheck Protection Program with BBIF – or email [email protected] with questions.
BBIF Florida is a nonprofit community development financial institution. We are a mission driven organization which helps Florida’s Black, minority and underserved small businesses thrive by providing loan capital alongside business development training.
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Blake Williams, Business Relationship Officer
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Suncoast Credit Union
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Russell Slappey, Founder/CEO and Managing Partner
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